Chart of the Day
While many geopolitical concerns remain (Gulf War II, terrorism, North Korea, Iran), the market has surged on hopes that the Iraqi crisis will be concluded in short order. On Monday, the S&P 500 gained 3.5% with NYSE up-volume outpacing down-volume by 13 times. To create today's bottom chart, we plotted NYSE up-volume divided by down-volume for every trading day since 1970. On the top chart we plotted all the occurrences for which up-volume was 11 or more times greater than down-volume. What does the chart show? Today's chart illustrates the significance of a powerful one-day surge as it has often occurred in the early stages of a bull or bear market rally. Stay tuned...
Notes:
- Up-volume is the total volume for all NYSE stocks that advanced in price.
- Down-volume is the total volume for all NYSE stocks that declined in price.
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